There are few other topics as sensitive as price policy, even and perhaps above all, when talking about commercial activities.
And bars, as you know, are no exception.
In this article we will be giving you some valuable advice direct from Filippo Spimi, training manager of the Filicori Zecchini Laboratorio dell’Espresso (link).
Do you want to open a new establishment and don’t know how to set the price list for your bar?
Do you already have a well-established activity and want to increase your margins?
Help is at hand… happy reading!
Some advice on creating the “right” price list in your new bar
There’s no need to be afraid of tackling the question of prices because, even if it is boring and complex, it is absolutely essential for the best running of your business, especially if your establishment has just opened.
Carry out some market research
The price range should not be decided once all the other work is completed, but should be one of the first things decided, together with the concept of the bar and its location.
Carrying out market research means getting to know the context where the bar will be located well, and using this information to establish your menu, the price list, the concept of the bar, the furnishing, etc…
Neglecting this kind of analysis means you run the risk of opening a bar which doesn’t fit well into the surrounding context.
Study your competitors carefully
Take all the time you need to study the other bars and cafes in your area.
This will be important for understanding the general price trend for various services and products, from the classics to the more unusual.
If, from this analysis, it emerges that what you are offering is of a higher level compared to that of the competition, we would advise you to choose a price positioning strategy with higher prices so as to raise the level of your bar; if instead, you are offering the same services as your competitor, we recommend that you have the same prices.
But think carefully before you make these decisions: today the priority for anyone deciding to open a bar should always be to stand out from the crowd because the competition in the catering sector is extremely high!
How to increase prices if you have a well-established bar
Do you already have a well-established business and think the time has come to increase the prices of your products and services?
Here’s how to do it so that it is a “painless” operation for your customers.
First of all, it is better to choose a precise time of year, which in most cases coincides with the beginning of the year.
But the most important thing is to justify this increase in the eyes of your customers by introducing new services which translate as “pampering” and attention devoted to the customer such as, for example, the chocolate offered with the coffee or some biscuits with the tea.
These are just a few hints, but tap into your creativity and you’ll be surprised how many ideas you can come up with!